Is $50 the New Price Point for Steak in the City?
A fat porterhouse. How much is it worth?
How much are you willing to pay for a thick, juicy steak? That's the question the bosses at New York City's steakhouses have been turning over as they debate whether to raise the prices of their meats.
Crain's reports that executives at the Palm Restaurant Group have been deciding whether to pass the $50 mark -- strips and prime ribs at Palm restaurants currently cost $49.90 -- to offset the rising the cost of meat. And they're not alone. Porter House New York and Old Homestead have already raised the prices of their steaks. According to the article, this is not because the restaurant owners are greedy. Rather, it's a consequence of the increase in foreign demand for U.S. beef and the decline in domestic beef output; restaurants have had to pay more for the raw ingredient for some time now. The good news is that there are some stragglers -- trusty Delmonico's is still selling steak for under $45.
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